Smoky Mountains Short Term Rentals

[Mike Bellom]

I'm interested in purchasing a STR in the Smoky Mountain region. Between blogs/forums/podcasts/calls with brokers/etc -- here are the biggest takeaways I have so far. I would greatly appreciate any other tips and/or things I should keep in mind. For better or worse!

*Stay within a 30 minute drive from Dollywood.

*At a minimum, focus on 3+ bedroom properties. But ideally, you want 4+ bedrooms. 

I'm confident I can self manage the property, but I'm not even concerned with that part of the process right now. I need to buy something before I worry about renting it! 

Thanks all!

[Jerry Calhoun]

@Patrick M. Not everyone who vacations here are interested in cabins in the woods. Many want the convenience of being closer to amenities and are afraid of driving some of the mountainous roads they would have to travel to get to a lot of the cabins here. 

Our area receives 12+ million visitors annually so there are plenty of opportunities to capture those that don't have their hearts set on a log cabin.

You are correct that the entry cost for condos is less than cabins. Most condos around here that I have seen are going for in the low $200s per sq ft whereas cabins are mid $300s and up a sq ft.

Of course, furnishings, amenities and marketing play a huge role in how successful any rental will be. As an example, we own a 3 bed 2 bath condo right next door to a 2 bed 2 bath owned by a family member that we manage for them. These were mirror image condos until we took out a pantry, moved a kitchen wall and added a very small 3rd bedroom with bunk beds that if selling wouldn't qualify as a 3rd bedroom as it doesn't have a closet. Here are links to Manhattan (our "3 bed" condo) www.airbnb.com/h/manhattancond...  and Mountain Grace (right next door) www.airbnb.com/h/mountaingrace . The current stats for 2021 for Manhattan are: Gross $66,598, Occ 75.34%, ADR $228 and Mountain Grace: Gross $50,564, Occ 81.10%, ADR $171. I am not aggressive with pricing on either condo so there is room to grow revenue.

HAPPY THANKSGIVING everyone!